Bookkeepers Rayleigh Essex (SS6): You are entirely responsible for keeping "true and fair", accurate accounting and financial records for a minimum of 6 yrs, if you are a sole trader, own a small business or run an online store in Rayleigh, in accordance with the 2006 Companies Act. Failure to produce these records might leave you facing a fine of thousands of pounds and potentially Company Director disqualification. There's a substantial investment of time involved with keeping such financial recordings on your own, and it can pay to employ a professional accountant or bookkeeping service, as according to Accounting Today magazine over forty percent of small business owners spend at least 80 hours every year doing their bookkeeping duties.
It is time to get in touch within Rayleigh for advice and guidance, if the thought of producing balance sheets, preparing profit, loss and financial statements, tracking assets and liabilities or filling out ledgers brings you feelings of terror.
BOOKKEEPER OR ACCOUNTANT?
A frequent question that is asked by most people in Rayleigh is "What is the difference between an accountant and a bookkeeper?" The reality is that even though at one time the process of bookkeeping, was considered to be beneath the experience, skill set and qualifications of an accountant, because of huge improvements in software over the past ten years or so, many accountancy companies in Rayleigh will now consider taking on bookkeeping tasks. To make sure their bookkeeping services are consistent with a dedicated, it is now quite common for accountancy companies to charge a flat rate for these services. As it provides a wider variety of competition within this sector, this is good news for business owners in Rayleigh, making their bookkeeping costs cheaper than they previously were.
It is basically the level of training that is needed for each discipline, that reflects the main difference between an accountant and a bookkeeper in Rayleigh. Anwill, at a minimum, hold an accounting degree, and should have also had further training in business and financial management, and taxes. A bookkeeper in Rayleigh might not necessarily hold the qualifications or levels of experience and training, but will still have a good understanding of these fiscal skills.
RESPONSIBILITIES OF A BOOKKEEPER
The act of bookkeeping in simple terms, is the recording of the day to day fiscal transactions of any business enterprise in Rayleigh. This will likely include, but is in no way limited to;
- Billing of clients for goods or work completed.
- Highlighting and rectifying any discrepancies in financial accounts.
- Making sure that double-entry bookkeeping and accounting practices are observed.
- Monthly reporting and reconciliations.
- Logging invoices received and ensuring that payment is completed by the due date.
- Documenting of all financial incomings; including electronic, card and cash payments.
- VAT submissions and recording.
- Payroll services.
While it depends on the type of service you are looking for, if you're able to undertake the majority of bookkeeping work yourself, a professional bookkeeper might only be needed to periodically double-check your records. To enable any problems or mistakes to be discovered and rectified speedily, this really needs to be done every month as a bare minimum. This trade-off can often be the most affordable solution if you are confident of keeping up-to-date with your everyday trading and financial transactions.
There is a fair chance that if you're looking to hire a bookkeeping company, you're currently struggling with the financial recording aspects of your business in Rayleigh. A professional bookkeeper will be able to help you to link the most suitable computer software with your accounts to facilitate the seamless pull-through of financial data, and will provide advice and guidance on procedures like stocktaking, invoicing and generating expense reports.
The reconciliation of cash flow with accounts payable is one of the most crucial aspects of good bookkeeping. Which means that instead of waiting for a final notice, which many small businesses are guilty of, or paying a bill right away, your bookkeeper will arrange bill payments to times when your accounts are in good shape. This does not just keep you in good stead with suppliers and those people who supply you with services, but also ensures your enterprise or business is financially stable. When, as an individual, you are focussed on running your everyday business activities, this can be a balancing act that's challenging to perform.
Employing a qualified bookkeeper in Rayleigh, if you're a sole trader, or for your small business also gives them the opportunity to cast a critical eye over your financial situation. This impartial evaluation can enable them to discover business trends and patterns that might have gone unnoticed. A scenario where an intelligent bookkeeper flags up an area of the business where profits are dropping off, or identifies an opportunity which could prove worthwhile, is by no means an unheard of occurrence. For enabling growth in any enterprise in Rayleigh, it is crucial that these key performance indicators (KPI's) are spotted as early as possible.
It can often be uncomfortable to pursue a late payment if your business sends out invoices. Having an individual outside your business bubble, can take away the embarrassment of making that phone call or visit to your client. If you have problems with a persistent late payer there are legal methods that a professional bookkeeper can use to help to clear up the situation before the issue ends up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the bookkeeping requirements, as laid out by law, are quite straightforward. Essentially, sole traders should save all receipts and invoices, and track expenditure and income from month to month. Whilst this might sound simple enough it is still recommended to retain the services of a competent bookkeeper. So that you can claim back genuine business expenses from HMRC, a dedicated sole trader bookkeeper in Rayleigh will be in a position to advise you on what needs to be done. This could include stationery goods, items such as computers, rent and bills if working from home, printer ink and advertising expenses. If you'd like to get more in-depth advice, and learn how your business can develop and grow moving forward, speak to your local bookkeeper.
ONLINE TRADERS IN RAYLEIGH
There are niche areas in bookkeeping where the skills of a specialist might be necessary. You'll require a bookkeeper in Rayleigh who understands online payments, exchange rate transfers, cross-border and international taxes and multi-currency processing, if you manage an online store for example. If the same store sells goods that you hold or produce, then supervising inventory on a 24 hours a day basis is a vital priority, as I'm sure you will be aware the internet doesn't sleep, so neither should your bookkeeping software or services.
In combination with bookkeeping services, it is also possible to provide a remote virtual office. This enables an online only business or sole trader to offer a physical connection to their customers, via a phone service and postal address. Although this option might not be offered by all bookkeepers in Rayleigh, it's certainly worth talking about the possibilities if this is something that could be advantageous.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the bookkeeping sector qualifications are at Certificate or Diploma level, and it is not mandatory for a professional Rayleigh bookkeeper to hold a degree in accounting. Although there's an ever-increasing number of online courses available, bookkeeping qualifications can still be obtained via further education universities and colleges, if that's the preferred route.
To provide certification and training for bookkeepers, there are basically 2 principal organisations of interest:
The AAT or Association of Accounting Technicians: With fully certified bookkeepers being able to use the letters AATQB, the Association of Accounting Technicians (AAT) provides advanced qualifications and a training schedule. This assures a standard of service to their clients which is backed by the association, and entitles them to become a approved AAT bookkeeper. If an AAT bookkeeper is found to have breached the code of practice or has a complaint filed against them, they may be subject to disciplinary and tribunal procedures to preserve the values and integrity of the aat.
The Institute of Certified Bookkeepers (ICB): The Institute of Certified Bookkeepers (ICB) is the largest in the world and offers certification for qualified bookkeepers, together with reference material and training to keep their associated members up-to-date.
By viewing the register of ICB or ATT members on their websites, you can check the accreditations of any bookkeeper in Rayleigh. Prior to retaining any bookkeeping service in Rayleigh, it is definitely a great idea to complete these checks.
Outsourced Bookkeeping Rayleigh
All businesses in Rayleigh should understand the significance of bookkeeping. It helps business people monitor the money left in the bank, the total value of their liabilities and assets, their payables/receivables, and the like. With the business owner having to deal with the concerns and issues of running a business, the task of doing the bookkeeping is normally outsourced to a bookkeeping company or freelance bookkeepers in Rayleigh.
If a company in Rayleigh hires a bookkeeper in order to join their ranks, the company will be required to fork out a considerable sum of money in training the person for the purpose of working on the bookkeeping tasks. Furthermore, there's no guarantee that the individual will stay after the training is concluded. In that situation, the company can lose a significant amount of money for very little return. Aside from that, firms will need to seek out ways and means to offer benefits and incentives to keep the fully trained employee within the business. These are just some of the reasons why business organisations often enlist the services of bookkeeping companies and professional bookkeepers in Rayleigh.
With the advent of new technology there is no need for business owners to stick to a freelance bookkeeper who may continue with outdated accounting practices. Again, they're not under any pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is becoming increasingly common in the financial domain. You will find many companies offering financial bookkeeping services catering to all kinds of clients and industries in Rayleigh. The majority of these companies promise and deliver good quality service. It is important for a business to look into the background of these Rayleigh bookkeeping companies when it comes to hiring a third party company for bookkeeping purposes.
These specialist bookkeeping companies in Rayleigh should be able to customise their bookkeeping services with that of the client company's existing bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the necessary support and backup.
A self-assessment tax return may be required for those with small businesses or self-employed people in the United Kingdom. If you are not familiar with the process, this task can be especially challenging. Keeping your records organised and preparing your tax return accurately and on time are both things that a qualified bookkeeper can help you with.
There are many benefits to using a bookkeeper for your tax returns. They'll have expertise and experience to ensure the correct completion of your return. This should help you avoid any problems with HMRC, such as interest charges or penalties. Secondly, the use of a bookkeeper can save you a lot of hassle, time and stress. They'll take care of all of the calculations and paperwork, so you can concentrate on running your business. Thirdly, essential advice on tax planning can be provided by a bookkeeper in Rayleigh. This can enable you to maximise your profits and minimise your tax liability. (70193)
Bookkeepers Near Rayleigh
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Rayleigh Bookkeeper Tasks
Most bookkeepers in Rayleigh will be able to provide you with the following bookkeeping and accounting services: maintaining fixed asset registers, bookkeeping services for startups in Rayleigh, bank reconciliation, cash books, Quickbook bookkeeping, QUOTE FORM provided. We will be in touch with details just as soon as we can., professional bookkeeping services, bookkeeping for tradesmen, bookkeeping for restaurants, payment services in Rayleigh, bookkeeping services for pubs in Rayleigh, off-site bookkeeping, general bookkeeping services Rayleigh, bookkeeping estimates Rayleigh, accounting and bookkeeping, bookkeeping services for shops, independent bookkeeping services, Sage bookkeeping, bookkeeping for small business, bookkeeping for the self-employed, corporation tax returns, Self-Assessment tax returns, bookkeeping services for clubs, bookkeeping for charities, cash flow analysis, landlord bookkeeping, , , letting agent bookkeeping, bookkeeping for home-based businesses, and more. Listed are just a selection of the activities that are conducted by local bookkeepers. Rayleigh providers will be delighted to keep you abreast of their whole range of services. If there happen to be some other Rayleigh bookkeeper requirements that you want but don't see here, you should mention them on the
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